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Market Review:

Indian markets settled with minor losses on Tuesday. The Nifty managed to close above the 18,000 mark after hitting an intraday low of 17,983.05 in afternoon trade. Private banks and FMCG shares declined. On the other hand, auto and PSU banks shares advanced. The S&P BSE Sensex fell 112.16 points or 0.19% to 60,433.45. The Nifty 50 index declined 24.30 points or 0.13% to 18,044.25.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 17970. Any move below the same may extend the fall towards 17900-17820 mark. On the flip side 18120-18200 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17970 and on a decisive close below expect a fall to 17900-17820 levels.

Bank Nifty

Bank Nifty faces an immediate support around 39300 levels on the downside and on a decisive close below expect a fall to 39000-38740. There is an immediate resistance at 39750-40000 levels.

Technical Call Updates

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